Fitch Rates Tender Option Bond Series 2016-XF2348, 2016-XF2353, 2016-XF2356 and 2016-XF2357 Trusts

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has assigned the following ratings to the Floater Certificates and Residual Certificates of the Tender Option Bond Trust series listed below:

--Floater Certificates, Series 2016-XF2348 'AA/F1'; Stable Outlook;

--Residual Certificates, Series 2016- XF2348 'AA'; Stable Outlook;

--Floater Certificates, Series 2016-XF2353 'AA/F1'; Stable Outlook;

--Residual Certificates, Series 2016- XF2353 'AA'; Stable Outlook;

--Floater Certificates, Series 2016-XF2356 'AA-/F1'; Stable Outlook;

--Residual Certificates, Series 2016- XF2356 'AA-'; Stable Outlook;

--Floater Certificates, Series 2016-XF2357 'AA-/F1'; Stable Outlook;

--Residual Certificates, Series 2016- XF2357 'AA-'; Stable Outlook.

KEY RATING DRIVERS

The Long-Term 'AA'/Stable Outlook ratings assigned to the series 2016-XF2348 Floater and Residual Certificates are based on the rating that Fitch has assigned to the Community Development Administration Maryland Department of Housing and Community Development Residential Revenue Bonds 2006 Series I and L and 2007 Series D and H (rated 'AA'/Stable Outlook) that have been deposited in the series 2016-XF2348 trust.

The Long-Term 'AA'/Stable Outlook ratings assigned to the series 2016-XF2353 Floater and Residual Certificates are based on the rating that Fitch has assigned to the California Health Facilities Financing Authority Refunding Revenue Bonds (Stanford Hospital and Clinics) 2008 Series A-2 and A-3 (rated 'AA'/Stable Outlook) that have been deposited in the series 2016-XF2353 trust.

The Long-Term 'AA-'/Stable Outlook ratings assigned to the series 2016-XF2356 Floater and Residual Certificates are based on the rating that Fitch has assigned to the Rutgers, The State University (The State University of New Jersey) General Obligation Bonds 2013 Series L (Tax-Exempt) (rated 'AA-'/ Stable Outlook) that have been deposited in the series 2016-XF2356 trust.

The Long-Term 'AA-'/Stable Outlook ratings assigned to the series 2016-XF2357 Floater and Residual Certificates are based on the rating that Fitch has assigned to the New Jersey Economic Development Authority Rutgers University General Obligation Lease Revenue Bonds (College Avenue Redevelopment Project) Series 2013 (rated 'AA-'/Stable Outlook) that have been deposited in the series 2016-XF2357 trust.

The Short-Term 'F1' ratings assigned to the series Floater Certificates are based on the liquidity facility provided by Credit Suisse AG, New York Branch (rated 'A/F1'/Stable Outlook), which has a stated expiration date of July 15, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the Floater Certificates will be adjusted upward or downward in conjunction with the short-term rating of the bank, and, in some cases, the long-term rating of the underlying bonds deposited in the trust. The long-term ratings assigned to the Floater Certificates and Residual Certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to such rating.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria

Criteria for Rating Tender Option Bonds (pub. 07 Apr 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=879516

U.S. Municipal Structured Finance Criteria (pub. 23 Feb 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862222

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1009230

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1009230

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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Fitch Ratings
Primary Analyst
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Joseph Staffa
Senior Director
+1-212-908-0829
or
Committee Chairperson
Mario Civico
Senior Director
+1-212-908-0796
or
Media Relations:
Elizabeth Fogerty, New York, +1 212-908-0526
Email: [email protected]

Source: Fitch Ratings

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